All terms in this subchapter shall be defined as set forth in the Act, except as follows:
ACT. The State Housing Development Authority Act, being Public Act 346 of 1966 (M.C.L.A. §§ 125.1401 et seq.), as amended.
ANNUAL SHELTER RENT. The total collections during an agreed annual period from or paid on behalf of all occupants of a housing project representing rent or occupancy charges, exclusive ofcharges for gas, electricity, heat, or other utilities furnished to the occupants by the sponsor.
AUTHORITY. The Michigan State Housing Development Authority.
CITY. The City of Bronson, a home rule municipality organized pursuant to Public Act 279 of 1909, as amended, and located in Branch County, Michigan.
DEVELOPMENT. The senior housing development to be located in the city on certain unplatted to be known as “The Bronson Senior Apartments.”
HOUSING DEVELOPMENT. A development that contains a significant element of housing for persons of low income and such elements of other housing, commercial, recreational, industrial, communal and educational facilities as the Authority has determined improves the quality of the development as it relates to housing for persons of low income.
LIHTC PROGRAM. The Low Income Housing Tax Credit program administered by the Authority under Section 42 ofthe Internal Revenue Code of 1986, as amended.
LOW INCOME PERSONS AND FAMILIES. Persons and families eligible to move into a housing development.
MORTGAGE LOAN. A loan that is federally-aided (as defined in Section 11 of the Act) or a loan or grant made or to be made by the Authority to the sponsor for the construction, rehabilitation, acquisition and/or permanent financing of a housing development, and secured by a mortgage on the housing development.
SPONSOR. means Renovo Limited Dividend Housing Authority, L.P. which has or intends to apply to the Authority for an allocation of low income housing tax credits to finance a Housing Development.
UTILITIES. Charges for gas, electric, water, sanitary sewer and other utilities furnished to the occupants that are paid by the housing development.
(Ord. 204, passed 2-12-2018)